Serum Market Size, Share, Growth and Global Industry Analysis by Type (Bovine Serum, FBS, and Others) By Application (Biological Products and Research) Regional Insights, and Forecast From 2023 To 2030

Updated On: 15 May 2023

SERUM MARKET REPORT OVERVIEW

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The global serum market size is anticipated to be worth USD 993.3 million in 2022 and is projected to touch USD 1,395.8 million by 2028 with a CAGR of 5.0% during the forecast period.

The sudden spike in CAGR is attributable to the serum market growth and demand returning to pre-pandemic levels once the pandemic is over. The global COVID-19 pandemic has been unprecedented and staggering, with the serum market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Generally, this is used as a supplement to the basal growth medium as in cell structure. Using serum has a lot of advantages especially in cell culture. Some of the advantages include macromolecular proteins and other compounds that are required for the vitro growth in the cell. 

There have been several developments and discoveries in this field. One such notable development is the discovery of new vaccines and biologicals using serums. This helps in finding cure for other diseases. The extensive use of this product in the high-end research and development and commercialization has led to the development of the market.  Occurrences of many severe diseases has created vast growth opportunities for the serum market growth.

COVID-19 impact: Decreased Research During the Pandemic Reduced the Market Growth

COVID-19 was one such deadly disease that affected the entire world and all the industries. The serum industry also became a victim of the pandemic. During COVID-19 there were many restrictions and lockdowns that were imposed. The main focus of all the scientists was to find a cure to COVID-19.

As a result, there was a shift in the focus of the research and development departments all over the world. Extensive experiments were conducted to find a cure for COVID-19 as soon as possible. Because of this there was a substantial decrease in the usage of serum which was required for other purposes. This was the major reason for the downfall of the serum market share during the pandemic. However, post the pandemic the market recovered quickly and is anticipated to grow well in the upcoming years.

LATEST TRENDS

"New Vaccines and Biologicals Being Introduced to Increase the Market Growth"

Many creative and innovative changes are being witnessed in the above market recently. New types of serums are being launched these days that have various applications in different fields. These serums are extensively being used in the research and development field to discover other products.

New vaccines and biologicals use serums as their primary components. New innovations are being made in the immunization practices with the help of serums. This will create an opportunity and also provide access to live-saving interventions majorly in LMICs also known as the Low-and Middle-Income Countries. This will also help in creating and improving equity of health against any future pandemics. Cross-programme coordination and collaborations are being witnessed in the market which have led to the serum market growth.

SERUM MARKET SEGMENTATION

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• By Type

The market can be divided on the basis of type into the following segments:

Bovine serum, FBS, and, others. The bovine serum segment is anticipated to dominate the market during the forecast period.

• By Application

Classification based on application into the following segment:

Biological products and Research. The biological products segment is predicted to dominate the market during the research period.

DRIVING FACTORS

"Increasing Usage of serum in R&D to Fasten the Market Growth"

The serums industry has seen a robust growth and expansion in the recent days especially after the pandemic period. Many reasons have contributed to this expansion. The major factor being the extensive use of this product in the high-end research and development. Countries all over the world are using serum to find out other products and cures for certain diseases.

Serums are also being used in commercialization. This has increased the people’s preference towards this product. The presence of micro nutrients and other naturally derived macro nutrients make it suitable to be used in medical diagnostics test. They are also used for testing the level of albumin in the blood. All the above factors drive the market growth.

"Growing Occurrences of Severe Diseases to Propel Market Growth "

In the recent years there have been occurrences of many severe diseases. These diseases need immediate and extensive medical attention with proper medications. Most of the complex diseases use medications that are developed from serum.

This has created a huge demand for the product which in turn has increased the production. On the other hand, biologicals are also in great demand for their properties. All of these factors are prone to bring vast growth opportunities for the market in the upcoming years.

RESTRAINING FACTOR

"Chances Of Contamination and Physiological Variability to Decrease Market Growth"

Even though serum has many applications in the field of science and cell culture there are certain factors that are considered as the disadvantages of this product. Even though it contains more of major constituents it also has many minor constituents that are not completely determined. The shelf-life varies from one batch to another. The maximum shelf-life is just for one year.

Many precautions have to been taken while changing the batch and many tests have to be conducted to ensure that the quality is up to mark. The major restrain is that it can very easily get contaminated from pathogens such as viruses and bacteria. This can be very harmful and can act as a factor restraining the market growth.

SERUM MARKET REGIONAL INSIGHTS

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"North America to Dominate the Serum Market in the Upcoming Years"

The region that predominantly dominates the market is North America. It holds the largest market share generating high revenue and profits. The major countries in North America that are involved are U.S., Mexico, Canada, Russia and Switzerland.

Many reasons have contributed to the growth of the market in North America. Increasing number of biologicals and their research has led to the development of the industry. The huge investments coming in from the key industry players has also made North America the leading market.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• Thermo Fisher (Life-Tech) (U.S.)
• Merck (U.S.)
• Corning (U.S.)
• Tissue Culture Biologicals (U.S.)
• Lanzhou Minhai (China)
• Changchun Xinuo (China)
• Wuhan Sanli (China)

Report Coverage

The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations